Control your finances after spouse’s demise with help from ed lloyd & associates

Control your finances after spouse’s demise with help from Ed LLoyd & Associates The loss of a loved one can be devastating. And if your spouse is the one managing a major part of the finances, payments of even simple bills seems like a tough task. But there are ways to handle this. Ed LLoyd & Associates share a word of advice for all those reeling under the grief of losing a spouse. Times may seem hard but these simple tips to manage your finances can reduce the burden: Check on the Life Insurance Benefits If your spouse was working under someone, call and check about the life insurance policy (if any). The company ideally pays the proceeds to the beneficiary but if it takes several weeks, call and check. They should either be paying it in instalments or a lump sum amount.

Find out what the Social Security Policies Are Widows can claim upto $255 death payment for funeral costs. These figures are subject to change. Find out what are the benefits for you and what is the amount you are liable to from either the business share or the company your spouse worked with.

What are the Plans your Spouse opted For? From benefits like a life insurance to 401 (k) plan for retirement, what are the investments and figures that were promised to him. If your spouse worked with a large set up, you are eligible for health insurance for 18 months under COBRA legislation.

Are you Entitled to Veterans’ Benefits?

For those with spouses in the military, you must contact Veterans Affairs to find out what you are eligible for. These usually include burial expenses or disability benefits in case your spouse already was receiving such payments.

Taking care of Taxes Experts at Ed LLoyd & Associates state that within 9 month, you must file estate tax return if your assets exceed the limit on taxability. Keep in mind that if your assets were not subject to taxes in the year of death, then they will be excluded from the current tax list too.

Make sure you handle your finances smartly after your spouse’s death by using these valuable advices

by Ed LLoyd & Associates.

Read more at - Make Tax Planning Convenient with Ed LLoyd & Associates